Crypto Stance Could Sway US 2024 Election Outcome: CoinFlip CEO
Summary:
CoinFlip CEO, Ben Weiss, in an interview with Cointelegraph, suggested that voters' opinions on crypto and blockchain could influence the 2024 US election results, potentially benefitting candidates from both major parties. He also mentioned how a candidate's stance on crypto could sway youthful first-time voters, which might be crucial in closely contested states. He also discussed the impact of crypto-focused political action committees. In addition, polls by Coinbase and the Crypto Council for Innovation also show that a candidate's views on cryptocurrencies can influence voters.
Proponents of cryptocurrency and blockchain within the U.S. voter base might have a significant influence on election outcomes under certain conditions, as argued by CoinFlip's Co-founder and CEO, Ben Weiss. In his interview with Cointelegraph on Feb 23, Weiss suggested that this could be the first time in a critical U.S. election where candidates from both major parties could see a shift in their favor due to their stance regarding digital assets. Noteworthy Republican presidential hopefuls such as Vivek Ramaswamy and Ron DeSantis stated the topic of Central Bank Digital Currencies (CBDCs) before exiting the race. Donald Trump, another heavyweight in the race, demonstrated neutrality towards Bitcoin in February, saying he could tolerate it, whichever way it swings.
Weiss mentioned Trump's indifference to crypto doesn't disadvantage him politically. His acceptance, however, could earn him a few extra points as Bitcoin resonates with voters across the political divide. At the moment, the presumed presidential candidates for the Democrats and Republicans are the incumbent U.S. President Joe Biden and Trump, respectively. On Nov 5, U.S. citizens will cast their votes on all House Representative seats, 33 Senate positions, and the President.
Polls predict a tight contest for the 2024 Presidential race, with a mere 154,000 votes bringing Michigan to Biden's corner in 2020. This state had previously seen a loss for Democrat Hillary Clinton by approximately 11,000 votes in 2016. The Electoral College system contributes to this, enabling a presidential contender to take all electors if they secure a win in a state, barring Maine and Nebraska.
With a considerable number of youngsters in favor of crypto set to vote in a presidential session for the first time, this factor could sway the results according to Weiss. A marginal shift in a state like Michigan or Wisconsin, which Biden narrowly won in 2020 but Clinton lost to Trump in 2016, could be game-changing.
Weiss also mentioned that state-level federal candidates are already feeling the heat from crypto-backed Political Action Committees (PACs), which could be influential in close contests. He cited that the Fairshake Super PAC splashed out $2.9 million on an advertisement aiming at Democrat candidate Katie Porter in the competition for a California Senate seat.
There are indications that pro-crypto bodies could financially back attorney John Deaton, aiming to usurp Senator Elizabeth Warren of Massachusetts in 2024. Weiss cautioned, however, against over-reliance on a single Super PAC, despite heavy spending against Porter.
In the current presidential contest, Trump has yet to select his running mate whose stance on CBDCs could perhaps impact voters focused on crypto. He currently faces 91 felony charges at state and federal tiers, with his criminal trial due to commence on March 25.
Coinbase and the Crypto Council for Innovation polls in 2024 affirm some of Weiss' sentiments, intimating that a candidate's crypto position could sway numerous voters. Patrick McHenry, a prominent proponent of crypto in Congress, will bow out of the 2024 race.
Published At
2/26/2024 9:08:14 PM
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